The Rockets reached agreement on a deal that will send Bonzi Wells and Mike James to New Orleans to get guard Bobby Jackson, individuals with knowledge of the talks said.

The deal, which has grown to include minor involvement of the Memphis Grizzlies, is pending league approval, with a conference call is scheduled for today for the NBA to review the trade.

The Rockets will make the move to add Jackson as a veteran point guard to play behind Rafer Alston, sending Wells to the first-place Hornets while getting New Orleans to take on the two seasons and $12.7 million remaining on James' contract after this season.

Jackson is signed for $6.1 million through next season, potentially offering the Rockets the roster flexibility they did not have this season.

The Rockets will also receive rookie guard Adam Haluska and either their own or New Orleans' second-round pick, whichever is greater. They had previously been sending next season's second-round pick to Seattle to complete the trade for the pick they used to draft Carl Landry in the 2007 Draft.